An increase in the supply of the product implies:
a. producers will now charge a higher price for a given quantity of output.
b. the supply curve will shift to the left.
c. some producers are dropping out of this market.
d. producers will now charge a lower price for a given quantity of output.
e. the price of this product has increased.
d
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When the price of the product falls
a. consumer's surplus remains the same. b. producers' surplus increases. c. consumer's surplus falls. d. producer's surplus falls.
If the opportunity cost of producing one basketball in Romania is 3 Barbie dolls, while the opportunity cost of producing one basketball in Nigeria is 2 Barbie dolls, _______ has the comparative advantage in the production of basketballs.
A. Romania B. Nigeria C. both Romania and Nigeria D. neither Romania nor Nigeria
Refer to the above figure. The supply curve is
A. perfectly inelastic. B. unitary for all prices. C. elastic at high prices and inelastic at low prices. D. perfectly elastic.
According to the life-cycle theory of consumption, people tend to dissave during their ________ years.
A. main working B. early C. later D. both B and C